Resistance held yesterday but the bulls are giving it another shot this morning. We have a pretty good setup for a short squeeze — a probable light volume, holiday week with the indices threatening to bust through multiple levels of resistance. Let’s see if the bulls can keep up the buying pressure…
On Today’s Calendar:
- 10:00 — Consumer Confidence
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent ‘Chart Reading‘ posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
(From Briefing.com)
Gapping Down
In reaction to disappointing earnings/guidance: JRJC -18.5% (also target lowered to $12 at Brean Murray), IPAR -9.9%, DSW -6.5%, SBUX -5.3%, ADI -3.4%… M&A news: RTP -33.6% (BHP Billiton withdraws Rio Tinto bid – WSJ), NRG -4.8% and EXC -1.9% (NRG Energy’s Board of Directors rejects Exelon’s unsolicited exchange offer)… Other news: ACTU -16.4% (amends tender offer to repurchase $60 mln of stock), CEA -13.4% (continued weakness following yesterday’s 15%+ decline), AXA -10.3% (reduces full-year profit forecast, 2012 targets – Bloomberg.com), ZQK -6.9% (ratings lowered to ‘B+’ From ‘BB-’ at S&P; Outlook negative), TD -6.8% (to issue 30.4 mln shares at C$39.50 a share), ING -4.0% (still checking), AZN -3.9% (to continue to promote Abraxane – DJ)… Analyst comments: LM -9.3% (downgraded to Underperform at Friedman Billings), DRE -4.7% (downgraded to Market Perform at Wachovia), TWI -4.3% (downgraded to Perform at Oppenheimer), ULTA -3.8% (downgraded to Neutral at Baird), DDR -3.6% (downgraded to Neutral at Goldman – DJ), REG -3.2% (downgraded to Sell at Goldman – DJ), BT -1.1% (downgraded to Neutral at Merrill), CPSI -1.0% (downgraded to Underperform at Leerink).
Gapping Up
In reaction to strong earnings/guidance: CTRN +5.7%, SBLK +5.0%… M&A news: BHP +14.0% (BHP Billiton withdraws Rio Tinto bid – WSJ)… Select metals/mining names showing strength: BBL +11.2%, MT +9.2% (warns of U.S. layoffs – WSJ), HMY +4.3%, AAUK +3.7%, GFI +2.6%… Select financials showing continued strength: CS +7.5%, CIT +7.1%, UBS +4.2%, JPM +2.5%, GS +2.4% (Goldman Sachs’ massive bond sale goes well – WSJ), C +1.7% (Officials weighed up plan to buy shares – FT), Capital One Financial Corp. (COF) +1.5%, BCS +1.2%, WFC +1.1%… Select oil/gas names modestly higher: RDS.A +3.6%, BP +4.7%, TOT + 4.0% … Other news: IDCC +16.4% (announces settlement of Samsung patent licensing disputes), ACF +8.3% (announces $500 mln senior subordinate asset-backed securitization), ABB +8.3% (still checking), JNY +7.6% (Cramer makes positive comments on MadMoney), GGP +5.0% (Ackman’s Pershing Square Capital Management reports 7.5 pct stake in GGP; Ackman’s Pershing Square stake in GGP represents about 20.1 mln shares – Reuters), SAP +4.9% (still checking), ALTH +4.0% (announces that FDA grants Pralatrexate orphan drug designation for the treatment of patients with diffuse large B-cell Lymphoma)… Analyst comments: ANF +1.4% (upgraded to Neutral from Underperform at Cowen).
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